Mi-Pay Ltd, a Woking, UK-based processor of payments for the fast-emerging mobile money sector, has raised £3m in a financing round led by Octopus Ventures Ltd.
The funds for Octopus were provided by the Octopus Titan VCT funds, together with the Octopus Eureka EIS and the Octopus Investor Group. The round was also supported by existing institutional investor Albion Ventures LLP and management.
Mi-Pay’s existing service enables customers to “top-up” their pre-paid mobile phone directly on-line, or via their mobile phone, rather than using indirect brand channels such as Paypoint or bank ATMs.
This funds will enable the company to roll out its new mobile money services that allow:
– customers to top-up pre-paid mobile phones on behalf of friends or relatives overseas,
– banks and mobile operators to run domestic money transfer services in emerging markets,
– money transfer networks to run direct (online and mobile phone initiated) money transfer services.
Mi-Pay currently operates throughout Europe, Africa and the Middle East and its client list includes Tesco Mobile, The Carphone Warehouse, Vodafone, Du in UAE, KPN Telfort and Zain among others.